As a Wuxia drama: I actually really enjoyed the story about the pugilist world itself. The main storyline circles around greed and power, and it's a storyline that makes sense. This is in part because this story is only 30 some episodes. Unlike others that stretch to 50+ episode, there isn't too many filler plots. Everything has clear cause and effect. There is a slight bit of "why now" element - but let's just assume it takes a while to plan the perfect revenge plan...
Also, I personally adore stories where the line is blurred between right and wrong, good and bad. And, I *love* good bad boys. And there is no better example of such than the cute chief of the ghost valley.

As a BL adaptation: I enjoy BL as much as any other genre. But I have to tip my hat to WoH, wow. I do not understand how this got past the censors. The flirty scenes are wow. Also, if you appreciate the Chinese language, what WKX's lines are so beautiful. Kudos to the screenwriters. I think if you're fans of this genre, this is a must-watch.

The only place for improvement is the fight scenes. I think the fight scenes are too beautiful (particularly between the two leads). It doesn't give off the power (and though in part they are not so much fighting as flirting, so it kinda makes sense). In any case, I do enjoy their dance. It is definitely visually beautiful.

I understand that this is a fairly low cost production. Product placement is obvious. But other than that, I don't really notice the low cost. It is a beautiful production with amazing actors. All of them are amazing - even the side characters.